The recent fuel price increase was implemented in line with the pricing formula, said Managing Director of the Ceylon Petroleum Corporation, Mayura Neththikumara.
Speaking at a media briefing today (24), he stated that the pricing formula is based purely on import costs and associated expenses.
“There is no special formula. It is calculated based on the cost of importing fuel and the expenses involved,” he said.
He further noted that while the government may absorb a portion of the cost to provide relief to the public, the CPC submits its pricing based strictly on actual costs, after which the government makes the final decision on retail prices.
